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Zoetis and Abaxis Announce HSR Clearance for Zoetis' Acquisition of Abaxis

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Zoetis
Inc.
(NYSE:ZTS) and Abaxis,
Inc.
(NASDAQ:ABAX) today announced the expiration of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended (the "HSR Act"), in connection with Zoetis'
previously-announced acquisition of Abaxis
for US $83.00 per share
in cash, or approximately $2.0 billion in aggregate.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180706005135/en/

The expiration of the waiting period under the HSR Act satisfies one of
the conditions necessary for the consummation of the transaction. The
transaction is subject to other customary closing conditions, including
the approval of Abaxis shareholders. Abaxis shareholders will vote on
the transaction at a special meeting of shareholders currently scheduled
to be held on July 31, 2018. Zoetis expects to complete the acquisition
shortly after the Abaxis special meeting if all of the conditions to
closing are then satisfied, and it intends to fund the purchase through
a combination of existing cash and new debt.

About Zoetis

Zoetis
is the leading animal health company, dedicated to supporting its
customers and their businesses. Building on more than 60 years of
experience in animal health, Zoetis discovers, develops, manufactures
and markets veterinary vaccines and medicines, complemented by
diagnostic products, genetic tests, biodevices and a range of services.
Zoetis serves veterinarians, livestock producers and people who raise
and care for farm and companion animals with sales of its products in
more than 100 countries. In 2017, the company generated annual revenue
of $5.3 billion with approximately 9,000 employees. For more
information, visit www.zoetis.com.

About Abaxis

Abaxis
is a worldwide developer, manufacturer and marketer of portable blood
analysis systems that are used in a broad range of medical specialties
in human or veterinary patient care to provide clinicians with rapid
blood constituent measurements. Abaxis's mission is to improve the
efficiency of care delivery to and the quality of life of patients in
the medical and veterinary markets. Abaxis provides leading edge
technology and tools that support best medical practices, enabling
physicians and veterinarians to respond to the health needs of their
clients at the point of care while operating economical and profitable
practices. For more information, visit http://www.abaxis.com.

Cautionary Statement Regarding Forward-Looking Information

Statements included in this communication which are not historical in
nature or do not relate to current facts are intended to be, and are
hereby identified as, forward-looking statements for purposes of the
safe harbor provided by Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The words "may,"
"will," "anticipate," "could," "should," "would," "believe,"
"contemplate," "expect," "estimate," "continue," "plan," "project" and
"intend," as well as other similar words and expressions of the future,
are intended to identify forward-looking statements. Zoetis Inc.
("Zoetis") and Abaxis, Inc. ("Abaxis") caution readers that
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from
anticipated results. Such risks and uncertainties, include, among
others, the following possibilities: the occurrence of any event, change
or other circumstances that could give rise to the right of one or both
of the parties to terminate the definitive merger agreement between
Zoetis and Abaxis; the outcome of any legal proceedings that may be
instituted against Zoetis or Abaxis; the failure to obtain necessary
regulatory approvals (and the risk that such approvals may result in the
imposition of conditions that could adversely affect the combined
company or the expected benefits of the transaction) or Abaxis
shareholder approval or to satisfy any of the other conditions to the
transaction on a timely basis or at all; the possibility that the
anticipated benefits of the transaction are not realized when expected
or at all, including as a result of the impact of, or problems arising
from, the integration of the two companies or as a result of the
strength of the economy and competitive factors in the areas where
Zoetis and Abaxis do business; the possibility that the transaction may
be more expensive to complete than anticipated, including as a result of
unexpected factors or events; diversion of management's attention from
ongoing business operations and opportunities; potential adverse
reactions or changes to business or employee relationships, including
those resulting from the announcement or completion of the transaction;
the ability to complete the acquisition and integration of Abaxis
successfully; and other factors that may affect future results of Zoetis
and Abaxis. Additional factors that could cause results to differ
materially from those described above can be found in Zoetis' Annual
Report on Form 10-K for the year ended December 31, 2017, which is on
file with the Securities and Exchange Commission (the "SEC") and in
other documents Zoetis files with the SEC, and in Abaxis's Annual Report
on Form 10-K for the year ended March 31, 2018, which is on file with
the SEC and in other documents Abaxis files with the SEC.

Important Additional Information

In connection with the proposed transaction between Zoetis and Abaxis,
Abaxis has filed with the SEC a definitive proxy statement of Abaxis, as
well as other relevant documents concerning the proposed transaction.
This communication is not a substitute for the proxy statement or for
any other document that Abaxis may file with the SEC and send to its
shareholders in connection with the proposed transaction. The proposed
transaction will be submitted to Abaxis' shareholders for their
consideration. Before making any voting decision, Shareholders of Abaxis
are urged to read the definitive proxy statement regarding the
transaction which is available at the SEC's website (http://www.sec.gov),
and any other relevant documents filed with the SEC, as well as any
amendments or supplements to those documents, because they will contain
important information about the proposed transaction.

Shareholders of Abaxis will be able to obtain a free copy of the
definitive proxy statement, as well as other filings containing
information about Zoetis and Abaxis, without charge, at the SEC's
website (http://www.sec.gov).
Copies of the proxy statement and the filings with the SEC that will be
incorporated by reference therein can also be obtained, without charge,
by directing a request to Abaxis, Inc., 3240 Whipple Road, Union City,
CA 94587, Attention: Corporate Secretary; telephone: (510) 675-6500, or
from Abaxis' website, www.abaxis.com.

Participants in the Solicitation

Abaxis, Zoetis and certain of their respective directors, executive
officers and employees may be deemed to be participants in the
solicitation of proxies in respect of the proposed transaction.
Information regarding Abaxis' directors and executive officers is
available in Abaxis' definitive proxy statement filed in connection with
its 2017 Annual Meeting, which was filed with the SEC on September 19,
2017, and certain of its Current Reports on Form 8-K. Information
regarding Zoetis' directors is available in Zoetis' definitive proxy
statement filed in connection with its 2018 Annual Meeting, which was
filed with the SEC on April 2, 2018, and information regarding Zoetis'
executive officers is available in Zoetis' Annual Report on Form 10-K
for the year ended December 31, 2017, which was filed with the SEC on
February 15, 2018. Other information regarding the participants in the
proxy solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, are contained in the
definitive proxy statement filed in connection with the special meeting
of Abaxis shareholders, which was filed with the SEC on June 27, 2018
and other relevant materials to be filed with the SEC in connection with
the proposed transaction. Free copies of this document may be obtained
as described in the preceding paragraph.

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